Settlement Kicks In Funding for Cleanup and Redevelopment of Triangle Park by the University of Portland

(Portland, Oregon, December 17, 2008) - A former industrial site on the banks of the Willamette River will soon be transformed into athletic fields for the University of Portland (UP) and a public trail, thanks to a cost recovery agreement between the U.S. Environmental Protection Agency (EPA) and Triangle Park, LLC,

Under the agreement, signed this week by Dan Opalski, EPA Superfund Director in Seattle, Triangle Park, LLC, will deposit $1.2 million into a trust fund that will be used to pay for cleanup.

"I am pleased that this settlement enables the University to purchase the property and return it to productive use," affirmed Opalski. " EPA wholeheartedly supports sustainable development in conjunction with cleanup. It is good for the environment, the community and the economy."

The trust fund is being established as part of a 2006 "bona fide prospective purchaser agreement" between EPA and UP. The University will conduct a removal action on the property, with EPA oversight, after their purchase is finalized.

Triangle Park is a 35-acre site located at 5828 North Van Houton Place, between the University of Portland and McCormick and Baxter. The site is located on the Willamette River between river mile 7 and 8 within the Portland Harbor Superfund Site. The Triangle Park property has been vacant for the past decade.